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Florence Said:

Who qualifies for a deed in lieu of forclosure?

We Answered:

You can not force this at all. You need them to volunteer to accept the deed, otherwise they will foreclose and it is in their best interest to do so. If they accept the deed you do not owe the deficiency.

The only things that all banks would require is that they are the only lien and you have no other means to pay the loan. You will have to prove this, must like you proved you had means when you bought the property.

Juanita Said:

House closing Title company problem.?

We Answered:

call a lawyer

Thelma Said:

Need advice on good broker or lender??

We Answered:

Shop around for a good price on a home.
You also should shop around for a good price on a mortgage.
Try your bank first.
Then try lending tree.
Then make some calls to local brokers.
Try a FHA approved lender first. They will have your best rates for you.
And by all means hire a Real Estate attorney to look over all of your real estate papers before signing on any loan. He/she will be well worth the few hundred bucks spent to keep you out of trouble regardless of who you get your loan from.

Annie Said:

truth in lending disclosure statement?

We Answered:

That is very confusing but no, it does not mean your loan was approved. It means they have a bunch more questions they want to ask and need more documentation.

Don Said:

should i refinance to purchase investment properties?

We Answered:

If you have good rates and can afford the payments, I don't see how refinancing would make it any easier to purchase investment property. If you have cash on hand of course you could use that, or take out equity on your other home.

Shop around for the best terms and programs. You're probably going to have to put something down, so if you can't get the cash, start saving.

Helen Said:

US Senate now putting lipstick on Bush/Paulson's $700billion Wall Street/NYC taxpayer bailout/hand-out?

We Answered:

Obama is on right now saying that this bail out most likely won't solve the problem and that there will be more problems, but we need to pass it. I can guarantee that anyone that votes for this will not get my vote. Not one person!

Kent Said:

What are the Closing Costs in NJ?

We Answered:

I emailed you because the title fees look high to me so I'm verifying with a national title company but I need to know what county you're in.
The big thing to me is that the numbers did not make sense on your first post so I am going to build a GFE for you to show how your earnest money deposit affects how much you have to bring to closing. The other thing I question is if they are using seller concessions to offset the closing costs.

Edit: Ok the title fees are a little high but not by much. The GFE is just an initial estimate so the fees may go up. For example the title company sent you a separate estimate for their fees. You should compare it to the GFE and realize that your fees will be whatever the title company sent you. Everything else looks normal except there is no charge listed for underwriting or processing but other than that it all looks good.